Mar 18, 2023

SVB Financial Group Files for Chapter 11 Reorganization

On March 17, SVB Financial Group announced a voluntary petition for a court-supervised reorganization under Chapter 11 of the United States Bankruptcy Court. The company is looking to explore strategic alternatives for its businesses and preserve value.

SVB Financial Group clarified that its venture capital arm SVB Capital, as well as its broker-dealer SVB Securities and general partner entities, are not included in the bankruptcy proceedings and will continue to operate as usual. The company is also no longer affiliated with Silicon Valley Bank N.A., or the bank’s private banking and wealth management business, SVB Private.

The firm has estimated that it has $2.2 billion of liquidity, which includes cash, interests in SVB Capital and SVB Securities, as well as other investment securities accounts and assets. SVB Financial Group also has $3.3 billion of unsecured notes, which are only recourse to the firm, and $3.7 billion of preferred stock.

William Kosturos, SVB Group’s chief restructuring officer, said that the Chapter 11 process will allow the company to evaluate strategic alternatives for SVB Capital, SVB Securities, and its other assets. He also noted that SVB Capital and SVB Securities will continue to operate and serve clients, led by their independent teams.

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